RedHill, HealthCare Royalty Agree to Extinguish All RedHill Debt Obligations in Exchange for Movantik

  RedHill Biopharma Ltd. (NASDAQ: RDHL) ("RedHill" or the "Company"), a specialty biopharmaceutical company, today announced the extinguishment of all RedHill's debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement between RedHill's U.S. subsidiary RedHill Biopharma Inc. and HCR dated February 23, 2020 (as amended) in exchange for the transfer of its rights in Movantik^® (naloxegol) to Movantik Acquisition Co., an affiliate of HealthCare Royalty ("HCR").

HCR will assume substantially all post-closing liabilities, and RedHill will retain substantially all pre-closing liabilities relating to Movantik.

As part of the parties' arrangement, and to ensure continuous patient care, RedHill will provide HCR with paid transition services for up to 12 months.

HCR will retain security interests in certain RedHill assets until substantially all pre-closing liabilities relating to Movantik have been paid or other specific conditions are met.

https://www.biospace.com/article/releases/redhill-biopharma-and-healthcare-royalty-agree-to-extinguish-all-redhill-s-debt-obligations-in-exchange-for-movantik-/